Central Puerto 2Q24 Earnings Release
Central Puerto (NYSE: CEPU) released its financial results for the second quarter of 2024 (2Q24), reporting a revenue increase of 15% to $168 million. This growth was driven by higher dispatch from Piedra del Águila hydropower plant and higher sales from recent acquisitions and cogeneration units.
Operating costs fell by 18% to $53 million, while SG&A expenses decreased by 9% to $13 million. However, other operating results were negative at $31 million, influenced by the impact of Resolution 58/24.
Net income declined to $8 million from $17 million in 2Q23. Adjusted EBITDA also decreased to $46 million from $63 million in the same period last year.
Central Puerto (NYSE: CEPU) ha pubblicato i risultati finanziari per il secondo trimestre del 2024 (2Q24), registrando un aumento dei ricavi del 15% a $168 milioni. Questa crescita è stata sostenuta da maggiori invii dalla centrale idroelettrica Piedra del Águila e da un aumento delle vendite delle recenti acquisizioni e delle unità di cogenerazione.
I costi operativi sono diminuiti del 18% a $53 milioni, mentre le spese SG&A sono calate del 9% a $13 milioni. Tuttavia, altri risultati operativi sono stati negativi per $31 milioni, influenzati dall'impatto della Risoluzione 58/24.
Il reddito netto è sceso a $8 milioni rispetto a $17 milioni nel 2Q23. Anche l'EBITDA rettificato è diminuito a $46 milioni rispetto a $63 milioni nello stesso periodo dello scorso anno.
Central Puerto (NYSE: CEPU) publicó sus resultados financieros para el segundo trimestre de 2024 (2Q24), reportando un aumento de ingresos del 15% a $168 millones. Este crecimiento fue impulsado por un mayor despacho de la planta hidroeléctrica Piedra del Águila y un incremento en las ventas de adquisiciones recientes y unidades de cogeneración.
Los costos operativos cayeron un 18% a $53 millones, mientras que los gastos de SG&A disminuyeron un 9% a $13 millones. Sin embargo, otros resultados operativos fueron negativos en $31 millones, influenciados por el impacto de la Resolución 58/24.
El ingreso neto se redujo a $8 millones desde $17 millones en 2Q23. El EBITDA ajustado también disminuyó a $46 millones desde $63 millones en el mismo período del año pasado.
Central Puerto (NYSE: CEPU)는 2024년 2분기(2Q24)에 대한 재무 결과를 발표하여 매출이 15% 증가한 $168백만을 기록했습니다. 이 성장은 Piedra del Águila 수력 발전소의 더 높은 발송량과 최근 인수 및 열병합 발전소의 판매 증가에 의해 촉진되었습니다.
운영 비용은 $53백만으로 18% 감소했으며, SG&A 비용은 $13백만으로 9% 줄어들었습니다. 그러나 다른 운영 결과는 $31백만의 적자를 기록했으며, 이는 58/24호의 영향 때문입니다.
순이익은 2Q23의 $17백만에서 $8백만으로 감소했습니다. 조정 EBITDA도 지난해 같은 기간의 $63백만에서 $46백만으로 감소했습니다.
Central Puerto (NYSE: CEPU) a publié ses résultats financiers pour le deuxième trimestre de 2024 (2Q24), enregistrant une augmentation des revenus de 15 % à 168 millions de dollars. Cette croissance a été soutenue par une augmentation des envois de la centrale hydroélectrique Piedra del Águila et une augmentation des ventes des récentes acquisitions et des unités de cogénération.
Les coûts d'exploitation ont diminué de 18 % pour atteindre 53 millions de dollars, tandis que les dépenses SG&A ont baissé de 9 % pour atteindre 13 millions de dollars. Cependant, d'autres résultats d'exploitation étaient négatifs à 31 millions de dollars, influencés par l'impact de la Résolution 58/24.
Le revenu net a chuté à 8 millions de dollars contre 17 millions de dollars au 2Q23. L'EBITDA ajusté a également baissé à 46 millions de dollars contre 63 millions de dollars au même période de l'année précédente.
Central Puerto (NYSE: CEPU) hat seine Finanz Ergebnisse für das zweite Quartal 2024 (2Q24) veröffentlicht und einen Umsatzanstieg von 15% auf $168 Millionen gemeldet. Dieses Wachstum wurde durch höhere Einspeisungen aus dem Wasserkraftwerk Piedra del Águila und höhere Verkaufszahlen aus jüngsten Übernahmen und Blockheizkraftwerken angetrieben.
Die Betriebskosten sanken um 18% auf $53 Millionen, während die SG&A-Ausgaben um 9% auf $13 Millionen zurückgingen. Andere Betriebsergebnisse waren jedoch mit $31 Millionen negativ und wurden durch die Auswirkungen der Resolution 58/24 beeinflusst.
Der Nettogewinn ging auf $8 Millionen von $17 Millionen im 2Q23 zurück. Der bereinigte EBITDA fiel ebenfalls auf $46 Millionen von $63 Millionen im gleichen Zeitraum des Vorjahres.
- Revenue increased by 15% to $168 million in 2Q24.
- Operating costs decreased by 18% to $53 million.
- SG&A expenses reduced by 9% to $13 million.
- Net income dropped to $8 million from $17 million in 2Q23.
- Adjusted EBITDA fell to $46 million from $63 million in 2Q23.
- Other operating results were negative at $31 million.
BUENOS AIRES, ARGENTINA / ACCESSWIRE / August 9, 2024 / Central Puerto S.A ("Central Puerto" or the "Company") (NYSE:CEPU), the largest private sector power generation companies in Argentina, reports its consolidated financial results for the Second Quarter 2024 ("2Q24"), ended on June 30 th , 2024.
A conference call to discuss the 2Q24 results will be held on August 12 th , 2024, at 09 AM Eastern Time (see details below). All information provided is presented on a consolidated basis, unless otherwise stated.
Financial statements as of June 30 th , 2024, include the effects of the inflation adjustment, applying IAS 29. Accordingly, the financial statements have been stated in terms of the measuring unit current at the end of the reporting period, including the corresponding financial figures for previous periods reported for comparative purposes. Growth comparisons refer to the same periods of the previous year, measured in the current unit at the end of the period, unless otherwise stated. Consequently, the information included in the Financial Statements for the period ended on June 30 th , 2024, is not comparable to the Financial Statements previously published by the company. However, we presented some figures converted from Argentine Pesos to U.S. dollars for comparison purposes only. The exchange rate used to convert Argentine Pesos to U.S. dollars was the reference exchange rate (Communication "A" 3500) reported by the Central Bank for U.S. dollars for the end of each period. The information presented in U.S. dollars is for the convenience of the reader only and may defer if such conversion for each period is performed at the exchange rate applicable at the end of the latest period. You should not consider these translations to be representations that the Argentine Peso amounts actually represent these U.S. dollars amounts or could be converted into U.S. dollars at the rate indicated.
Definitions and terms used herein are provided in the Glossary at the end of this document. This release does not contain all the Company's financial information. As a result, investors should read this release in conjunction with Central Puerto's consolidated financial statements as of and for the period ended on June 30 th , 2024, and the notes thereto, which will be available on the Company's website.
A. Regulatory Updates and Relevant Facts
Acquisition of interest in AbraSilver
On April 22, 2024 , our subsidiary Proener entered into a common shares subscription agreement with AbraSilver Resource Corp. (a Canadian company listed in the Canadian stock market) ("AbraSilver"), granting Proener a
Resolution SE N°78/2024 - status on Piedra del Águila concession
On May 17, 2024 , the Secretariat of Energy by means of this resolution extended the transition period up to December 28, 2024, as it is allowed in the concession contract.
Status on CAMMESA's delayed payments
On May 23 rd , 2024 , Central Puerto accepted the terms stated by Resolution SE No. 58/2024 , issued on May 6 th , 2024 , regarding the trade receivables accrued on Dec-23, Jan-24 and Feb-24. As a result, trade receivables were paid as follows:
Trade receivables accrued on December 2023 and January 2024 were paid with Argentine Republic USD bond at face value (the AE38).
Trade receivables accrued on February 2024 were paid with funds available in CAMMESA's bank accounts and transfers made by the National Government to the Stabilization Fund.
This resolution carried out a consolidated loss of approximately ARS 20,459 million (approximately USD 22.5 MM), given that the bonds received have market value lower than their face value. However, it should be noted that this resolution did not affect the ordinary course of business of the Company, its payment capacity nor its available financing options.
Resolution SE N°99/2024
On June 14 th , 2024 , the Secretariat of Energy updated remuneration prices for energy and power of generation units not committed in a PPA (spot market). Remuneration values increased by
Resolution SE N°151/2024
On July 8 th , 2024 , the Secretariat of Energy cancelled the so called Terconf, a thermal generation tender aiming to increase the thermal power supply and its reliability. Central Puerto had been awarded with 516 MW allocated in Central Costanera.
Resolution SE N°193/2024
On August 1 st , 2024 , the Secretariat of Energy updated remuneration prices for energy and power of generation units not committed in a PPA (spot market). Remuneration values increased by
Investment projects currently in execution
San Carlos Project:
Construction agreements with Shanghai Electric Power Construction Company Ltd. were signed on March 27, 2024 and works began on July 31, 2024. The construction is set to finish in April 2025. As of today, all permits are in place, local vendors have already initiated their purchasing process and the site is being prepared for construction and assembly. Equipment is being delivered to Argentina.
Brigadier Lopez Combined Cycle:
By means of this project, Central Puerto is going to convert an open cycle thermal power plant with a gas turbine into a combined cycle thermal power plant, with the addition of a steam turbine. The EPC supplier, SACDE, received the Notice-To-Proceed on February 26 th , 2024, and the COD is scheduled for October 2025. As of today, works on the site have already started, with the assembly of pipes and wires, communication systems and water intake systems. The other supplier for this project is Siemens.
Both projects are on schedule and on budget .
B. Argentine Market Overview
The table below sets forth key Argentine energy market data for 2Q24 compared to 1Q24 and 2Q23.
|
| 2Q24 |
|
|
| 1Q24 |
|
|
| 2Q23 |
|
| Δ % 2Q24/2Q23 |
|
|
| 6M24 |
|
|
| 6M23 |
|
| Δ % 6M24/6M23 |
| |||
Installed capacity (MW; EoP 1 ) |
|
| 43,602 |
|
|
| 43,873 |
|
|
| 43,405 |
|
|
| 0 | % |
|
| 43,602 |
|
|
| 43,405 |
|
|
| 0 | % |
Thermal |
|
| 25,115 |
|
|
| 25,448 |
|
|
| 25,450 |
|
|
| (1 | %) |
|
| 25,115 |
|
|
| 25,450 |
|
|
| (1 | %) |
Hydro |
|
| 10,834 |
|
|
| 10,834 |
|
|
| 10,834 |
|
|
| 0 | % |
|
| 10,834 |
|
|
| 10,834 |
|
|
| 0 | % |
Nuclear |
|
| 1,755 |
|
|
| 1,755 |
|
|
| 1,755 |
|
|
| 0 | % |
|
| 1,755 |
|
|
| 1,755 |
|
|
| 0 | % |
Renewable |
|
| 5,898 |
|
|
| 5,836 |
|
|
| 5,366 |
|
|
| 10 | % |
|
| 5,898 |
|
|
| 5,366 |
|
|
| 10 | % |
Installed capacity (%) |
|
| 100 | % |
|
| 100 | % |
|
| 100 | % |
|
| N/A |
|
|
| 100 | % |
|
| 100 | % |
|
| N/A |
|
Thermal |
|
| 58 | % |
|
| 58 | % |
|
| 59 | % |
| (1 p.p.) |
|
|
| 58 | % |
|
| 59 | % |
| 0 p.p. |
| ||
Hydro |
|
| 25 | % |
|
| 25 | % |
|
| 25 | % |
| 0 p.p. |
|
|
| 25 | % |
|
| 25 | % |
| 0 p.p. |
| ||
Nuclear |
|
| 4 | % |
|
| 4 | % |
|
| 4 | % |
| 0 p.p. |
|
|
| 4 | % |
|
| 4 | % |
| 0 p.p. |
| ||
Renewable |
|
| 14 | % |
|
| 13 | % |
|
| 12 | % |
| 1 p.p. |
|
|
| 14 | % |
|
| 12 | % |
| 0 p.p. |
| ||
Energy Generation (GWh) |
|
| 33,811 |
|
|
| 39,285 |
|
|
| 32,046 |
|
|
| 6 | % |
|
| 73,099 |
|
|
| 70,676 |
|
|
| 3 | % |
Thermal |
|
| 17,620 |
|
|
| 21,355 |
|
|
| 18,877 |
|
|
| (7 | %) |
|
| 38,976 |
|
|
| 42,295 |
|
|
| (8 | %) |
Hydro |
|
| 7,839 |
|
|
| 9,055 |
|
|
| 6,589 |
|
|
| 19 | % |
|
| 16,895 |
|
|
| 15,192 |
|
|
| 11 | % |
Nuclear |
|
| 3,373 |
|
|
| 3,225 |
|
|
| 2,030 |
|
|
| 66 | % |
|
| 6,599 |
|
|
| 3,919 |
|
|
| 68 | % |
Renewable |
|
| 4,979 |
|
|
| 5,650 |
|
|
| 4,550 |
|
|
| 9 | % |
|
| 10,629 |
|
|
| 9,270 |
|
|
| 15 | % |
Energy Generation (%) |
|
| 100 | % |
|
| 100 | % |
|
| 100 | % |
|
| N/A |
|
|
| 100 | % |
|
| 100 | % |
|
| N/A |
|
Thermal |
|
| 52 | % |
|
| 54 | % |
|
| 59 | % |
| (7 p.p.) |
|
|
| 53 | % |
|
| 60 | % |
| (7 p.p.) |
| ||
Hydro |
|
| 23 | % |
|
| 23 | % |
|
| 21 | % |
| 3 p.p. |
|
|
| 23 | % |
|
| 21 | % |
| 2 p.p. |
| ||
Nuclear |
|
| 10 | % |
|
| 8 | % |
|
| 6 | % |
| 4 p.p. |
|
|
| 9 | % |
|
| 6 | % |
| 3 p.p. |
| ||
Renewable |
|
| 15 | % |
|
| 14 | % |
|
| 14 | % |
| 1 p.p. |
|
|
| 15 | % |
|
| 13 | % |
| 1 p.p. |
| ||
Energy Demand (GWh) |
|
| 33,437 |
|
|
| 37,889 |
|
|
| 32,934 |
|
|
| 2 | % |
|
| 71,325 |
|
|
| 72,430 |
|
|
| (2 | %) |
Residential |
|
| 15,631 |
|
|
| 18,325 |
|
|
| 14,480 |
|
|
| 8 | % |
|
| 33,955 |
|
|
| 33,909 |
|
|
| 0 | % |
Commercial |
|
| 9,022 |
|
|
| 10,423 |
|
|
| 9,239 |
|
|
| (2 | %) |
|
| 19,444 |
|
|
| 19,893 |
|
|
| (2 | %) |
Major Demand (Industrial/Commercial) |
|
| 8,784 |
|
|
| 9,141 |
|
|
| 9,215 |
|
|
| (5 | %) |
|
| 17,926 |
|
|
| 18,628 |
|
|
| (4 | %) |
Energy Demand (%) |
|
| 100 | % |
|
| 100 | % |
|
| 100 | % |
|
| N/A |
|
|
| 100 | % |
|
| 100 | % |
|
| N/A |
|
Residential |
|
| 47 | % |
|
| 48 | % |
|
| 44 | % |
| 3 p.p. |
|
|
| 48 | % |
|
| 47 | % |
| 1 p.p. |
| ||
Commercial |
|
| 27 | % |
|
| 28 | % |
|
| 28 | % |
| (1 p.p.) |
|
|
| 27 | % |
|
| 27 | % |
| 0 p.p. |
| ||
Major Demand (Industrial/Commercial) |
|
| 26 | % |
|
| 24 | % |
|
| 28 | % |
| (2 p.p.) |
|
|
| 25 | % |
|
| 26 | % |
| (1 p.p.) |
|
Source: CAMMESA; company data. Figures are rounded.
As of June 30 th , 2024.
Installed Power Generation Capacity: By the end of the second quarter of 2024 (2Q24), the country's installed capacity reached 43,602 MW, which means an increase of
Power generation & demand: During the 2Q24 energy demand increased
In line with the demand, generation rose
The higher supply of nuclear and hydro generation prompted a lower thermal dispatch during the quarter (-
Finally, the lower thermal dispatch during the 2Q24 triggered a lower fuel consumption (-
Energy Demand per type
(TWh)
Local energy Demand
(TWh)
C. Central Puerto S.A.: Main operating metrics
The table below sets forth key operating metrics of the Central Puerto group for 2Q24, compared to 1Q24 and 2Q23:
|
| 2Q24 |
|
|
| 1Q24 |
|
|
| 2Q23 |
|
| Δ % |
|
| 6M24 |
|
| 6M23 |
|
| Δ % 6M24/6M23 |
| |||||
Energy Generation (GWh) |
|
| 4,985 |
|
|
| 5,520 |
|
|
| 4,762 |
|
|
| 5 | % |
|
| 10,505 |
|
|
| 9,884 |
|
|
| 6 | % |
Thermal |
|
| 3,604 |
|
|
| 4,272 |
|
|
| 3,874 |
|
|
| (7 | %) |
|
| 7,877 |
|
|
| 7,800 |
|
|
| 1 | % |
Hydro |
|
| 978 |
|
|
| 807 |
|
|
| 504 |
|
|
| 94 | % |
|
| 1,785 |
|
|
| 1,352 |
|
|
| 32 | % |
Wind |
|
| 354 |
|
|
| 358 |
|
|
| 384 |
|
|
| (8 | %) |
|
| 712 |
|
|
| 733 |
|
|
| (3 | %) |
Solar |
|
| 48 |
|
|
| 82 |
|
|
| - |
|
|
| N/A |
|
|
| 131 |
|
|
| - |
|
|
| N/A |
|
Installed capacity (MW) |
|
| 6,703 | (1) |
|
| 7,173 |
|
|
| 7,113 |
|
|
| (6 | %) |
|
| 6,703 |
|
|
| 7,113 |
|
|
| (6 | %) |
Thermal |
|
| 4,783 |
|
|
| 5,253 |
|
|
| 5,298 |
|
|
| (10 | %) |
|
| 4,783 |
|
|
| 5,298 |
|
|
| (10 | %) |
Hydro |
|
| 1,441 |
|
|
| 1,441 |
|
|
| 1,441 |
|
|
| 0 | % |
|
| 1,441 |
|
|
| 1,441 |
|
|
| 0 | % |
Wind |
|
| 374 |
|
|
| 374 |
|
|
| 374 |
|
|
| 0 | % |
|
| 374 |
|
|
| 374 |
|
|
| 0 | % |
Solar |
|
| 105 |
|
|
| 105 |
|
|
| - |
|
|
| N/A |
|
|
| 105 |
|
|
| - |
|
|
| N/A |
|
Thermal availability (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Puerto CC - global |
|
| 94 | % |
|
| 90 | % |
|
| 85 | % |
|
| 9 | % |
|
| 84 | % |
|
| 79 | % |
|
| 4 | % |
Central Puerto CC - standalone |
|
| 94 | % |
|
| 93 | % |
|
| 96 | % |
|
| (2 | %) |
|
| 94 | % |
|
| 95 | % |
|
| (1 | %) |
Central Puerto turbines - global |
|
| 77 | % |
|
| 68 | % |
|
| 70 | % |
|
| 7 | % |
|
| 86 | % |
|
| 79 | % |
|
| 7 | % |
Central Puerto turbines - standalone |
|
| 81 | % |
|
| 76 | % |
|
| 76 | % |
|
| 4 | % |
|
| 78 | % |
|
| 62 | % |
|
| 16 | % |
Steam production (Ktn) |
|
| 752 |
|
|
| 429 |
|
|
| 560 |
|
|
| 34 | % |
|
| 1,326 |
|
|
| 1,089 |
|
|
| 22 | % |
Source: CAMMESA; company data.
"Central Puerto standalone" figures exclude Central Costanera.
On April 26, 2024, the Secretariat of Energy requested CAMMESA to proceed with the disconnection of steam turbines COSTTV04 and COSTTV06 (470 MW in total) of Central Costanera, following a solicitation originally made by Enel, former owner of that plant, and followed up by the Company. This update has no impact on revenues: these turbines have not been operating since long time ago.
Thermal availability (1)(2)
(%)
Steam & gas turbines
Combined Cycles
Availability weighted average by power capacity. Off-time due to scheduled maintenance agreed with CAMMESA is not considered in the ratio.
Central Costanera figures does not consider the power capacity values of the steam generation units COSTTV04 and COSTTV06.
During 2Q24, Central Puerto's power generation increased by
In 2Q24, hydro energy generation from Piedra del Aguila increased
With regards to renewables, energy generation increased
Regarding thermal generation, it decreased by
Finally, steam production increased
D. 2Q24 Analysis of Consolidated Results
Important notice: The results presented for the 2Q24 are positively or negatively affected, as appropriate, by a non-cash effect, given by the fact that inflation rates were greater than currency depreciation rates during the quarter. Since the functional currency of Central Puerto is the Argentine peso, our Financial Statements are subject to inflation adjustment, while Company's figures are converted into US dollars using the end of period official exchange rate. Thus, given the significant disparity between inflation and devaluation for the period, it might affect comparability.
Main financial magnitudes of continuing operations (1) (2) (3)
The FX rate used to convert Argentine Pesos to U.S. dollars is the reference exchange rate reported by the Central Bank (Communication "A" 3500) as of 6/30/2023 (AR
$256.68 t o US$1.00) , 3/31/2024 (AR$857.42 t o US$1.00) and 6/30/2024 (AR$911.75 t o US$1.00) , as appropriate.See "Disclaimer-EBITDA & Adjusted EBITDA" on page 22 for further information.
Central Costanera revenues are not affected by COSTTV04 and COSTTV06 disconnection.
During 2Q24, revenues totaled US
This was mainly due to a combination of:
A
14% or US$10 million increase in spot/legacy energy sales which amounted to US$81 million in 2Q24 compared to US$71 million in the 2Q23, driven by a higher dispatch of Piedra del Águila hydropower plant, higher availability of thermal units, specially in Central Costanera, and also higher generation from Buenos Aires Combined Cycle.An
8% or US$5 million increase in sales under contracts, which totaled US$66 million in 2Q24 compared to US$61 million in 2Q23, mainly explained by the recent acquisition of the solar farm Guañizuil II A, which contributed with sales of US$2 million in the quarter, and higher sales of cogeneration units (Luján de Cuyo facility). Sales of wind farms were lower due to lower wind generation from La Castellana II, which was hit by a twister in December 2023, and La Castellana I, due to maintenance works carried on blades.A
42% or US$ 3 million increase in steam sales, driven by basically higher production levels in Luján de Cuyo facility.A
77% or US$2 million increase in forestry.A positive non-cash effect on the gap between currency devaluation and inflation.
Operating cost, excluding depreciation and amortization, in 2Q24 amounted to US
Production costs dropped primarily due to a reduction of: (i) compensations to employee; (ii) consumption of materials and spare parts and (iii) forestry and forest production services expenses. On the other hand, production costs were negatively impacted by a non-cash effect on the gap between currency devaluation and inflation.
SG&A, excluding depreciations and amortizations, in 2Q24 decreased by
The reduction in SG&A during the quarter was basically a result of lower: (i) fees and compensation for services and (ii) taxes. As well as with production costs, SG&A were negatively impacted by a non-cash effect on the gap between currency devaluation and inflation.
Other operating results net (excluding FONI and variation of biological assets) in 2Q24 were negative in US
Consequently, Consolidated Adjusted EBITDA (1) amounted to US
Consolidated Net financial results in 2Q24 were negative in US
Loss on net monetary position in 2Q24 measured in US dollars amounted to US
Profit/Loss on associate companies was positive in US
Income tax in 2Q24 was negative in US
Finally, Net Income in 2Q24 amounted to US
Adjusted EBITDA Reconciliation (1)
Financial Situation
As of June 30 th , 2024, the Company and its subsidiaries had Cash and Cash Equivalents of US
The following chart breaks down the Net Debt position of Central Puerto (on a stand-alone basis) and its subsidiaries:
Cash Flows of 6M24
Net cash provided by operating activities was US
Net cash used by investing activities was US
Net cash used by financing activities was US
The following table shows the company's principal maturity profile as of June 30, 2024, expressed in millions of dollars:
Debt Maturity schedule (1)(2)
(US$ mm.)
As of June 30th, 2024.
Considers only principal maturities. Does not considering accrued interest.
E. Tables
a. Consolidated Statement of Income
The FX rate used to convert Argentine Pesos to U.S. dollars is the reference exchange rate reported by the Central Bank (Communication "A" 3500) as of 6/30/2023 (AR
b. Consolidated Statement of Financial Position
The FX rate used to convert Argentine Pesos to U.S. dollars is the reference exchange rate reported by the Central Bank (Communication "A" 3500) as of 12/31/2023 (AR
c. Consolidated Statement of Cash Flow
The FX rate used to convert Argentine Pesos to U.S. dollars is the reference exchange rate reported by the Central Bank (Communication "A" 3500) as of 6/30/2023 (AR
F. Information about the Conference Call
There will be a conference call to discuss Central Puerto's 2Q 2024 results on August 12, 2024, at 09:00 AM Eastern Time .
The conference will be hosted by Mr. Fernando Bonnet, Chief Executive Officer, Enrique Terraneo, Chief Financial Officer and Alejandro Diaz Lopez member of the Investor Relations team.
To access the conference call, please dial:
Toll Free: +1 888-506-0062
International: + 1 973-528-0011
Participant Access Code: 199067
Webcast URL : https://www.webcaster4.com/Webcast/Page/2629/50952
The Company will also host a live audio webcast of the conference call on the Investor Relations section of the Company's website at www.centralpuerto.com . Please allow extra time prior to the call to visit the website and download any streaming media software that might be required to listen to the webcast. The call will be available for replay on the Company's website under the Investor Relations section.
You may find additional information on the Company at:
Glossary
In this release, except where otherwise indicated or where the context otherwise requires:
"BCRA" refers to Banco Central de la República Argentina , Argentina's Central Bank,
"CAMMESA" refers to Compañía Administradora del Mercado Mayorista Eléctrico Sociedad Anónima ;
"COD" refers to Commercial Operation Date, the day in which a generation unit is authorized by CAMMESA (in Spanish, "Habilitación Comercial") to sell electric energy through the grid under the applicable commercial conditions;
"Ecogas" refers collectively to Distribuidora de Gas Cuyana ("DGCU"), Distribuidora de Gas del Centro ("DGCE"), and their controlling company Inversora de Gas del Centro ("IGCE") ;
"Energía Base" (legacy energy) refers to the regulatory framework established under Resolution SE No. 95/13, as amended, currently regulated by Resolution SE No. 9/24;
"FONINVEMEM" or "FONI", refers to the Fondo para Inversiones Necesarias que Permitan Incrementar la Oferta de Energía Eléctrica en el Mercado Eléctrico Mayorista (the Fund for Investments Required to Increase the Electric Power Supply) and Similar Programs, including Central Vuelta de Obligado (CVO) Agreement;
"p.p.", refers to percentage points;
"PPA" refers to power purchase agreements.
Disclaimer
Rounding amounts and percentages : Certain amounts and percentages included in this release have been rounded for ease of presentation. Percentage figures included in this release have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, certain percentage amounts in this release may vary from those obtained by performing the same calculations using the figures in the financial statements. In addition, certain other amounts that appear in this release may not sum due to rounding.
This release contains certain metrics, including information per share, operating information, and others, which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies. Such metrics have been included herein to provide readers with additional measures to evaluate the Company's performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods.
OTHER INFORMATION
Central Puerto routinely posts important information for investors in the Investor Relations support section on its website, www.centralpuerto.com . From time to time, Central Puerto may use its website as a channel of distribution of material Company information. Accordingly, investors should monitor Central Puerto's Investor Relations website, in addition to following the Company's press releases, SEC filings, public conference calls and webcasts. The information contained on, or that may be accessed through, the Company's website is not incorporated by reference into, and is not a part of, this release.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION
This release contains certain forward-looking information and forward-looking statements as defined in applicable securities laws (collectively referred to in this Earnings Release as "forward-looking statements") that constitute forward-looking statements. All statements other than statements of historical fact are forward-looking statements. The words ‘‘anticipate'', ‘‘believe'', ‘‘could'', ‘‘expect'', ‘‘should'', ‘‘plan'', ‘‘intend'', ‘‘will'', ‘‘estimate'' and ‘‘potential'', and similar expressions, as they relate to the Company, are intended to identify forward-looking statements.
Statements regarding possible or assumed future results of operations, business strategies, financing plans, competitive position, industry environment, potential growth opportunities, the effects of future regulation and the effects of competition, expected power generation and capital expenditures plan, are examples of forward-looking statements. Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, and contingencies, which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.
The Company assumes no obligation to update forward-looking statements except as required under securities laws. Further information concerning risks and uncertainties associated with these forward-looking statements and the Company's business can be found in the Company's public disclosures filed on EDGAR ( www.sec.gov ).
EBITDA & ADJUSTED EBITDA
In this release, EBITDA , a non-IFRS financial measure, is defined as net income for the period, plus finance expenses, minus finance income, minus share of the profit (loss) of associates, plus (minus) losses (gains) on net monetary position, plus income tax expense, plus depreciation and amortization, minus net results of discontinued operations.
Adjusted EBITDA refers to EBITDA excluding impairment on property, plant & equipment, foreign exchange difference and interests related to FONI trade receivables and variations in fair value of biological asset.
Adjusted EBITDA is believed to provide useful supplemental information to investors about the Company and its results. Adjusted EBITDA is among the measures used by the Company's management team to evaluate the financial and operating performance and make day-to-day financial and operating decisions. In addition, Adjusted EBITDA is frequently used by securities analysts, investors, and other parties to evaluate companies in the industry. Adjusted EBITDA is believed to be helpful to investors because it provides additional information about trends in the core operating performance prior to considering the impact of capital structure, depreciation, amortization, and taxation on the results.
Adjusted EBITDA should not be considered in isolation or as a substitute for other measures of financial performance reported in accordance with IFRS. Adjusted EBITDA has limitations as an analytical tool, including:
Adjusted EBITDA does not reflect changes in, including cash requirements for, working capital needs or contractual commitments;
Adjusted EBITDA does not reflect the finance expenses, or the cash requirements to service interest or principal payments on indebtedness, or interest income or other finance income;
Adjusted EBITDA does not reflect income tax expense or the cash requirements to pay income taxes;
although depreciation and amortization are non-cash charges, the assets being depreciated or amortized often will need to be replaced in the future, and Adjusted EBITDA does not reflect any cash requirements for these replacements;
although share of the profit of associates is a non-cash charge, Adjusted EBITDA does not consider the potential collection of dividends; and
other companies may calculate Adjusted EBITDA differently, limiting its usefulness as a comparative measure.
The Company compensates for the inherent limitations associated with using Adjusted EBITDA through disclosure of these limitations, presentation of the Company's consolidated financial statements in accordance with IFRS and reconciliation of Adjusted EBITDA to the most directly comparable IFRS measure, net income. For a reconciliation of the net income to Adjusted EBITDA, see the tables included in this release.
All the information presented must be considered as consolidated unless otherwise specified.
Contact information:
Chief Financial Officer
Enrique Terraneo
Tel: (+54 11) 4317 5000
Email: inversores@centralpuerto.com
Investor Relations Website:
https://www.centralpuerto.com/en/investors/
(1) See "Disclaimer-EBITDA & Adjusted EBITDA" on page 22 for further information.
SOURCE: Central Puerto S.A.
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FAQ
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